L Brands to sell lingerie brand La Senza

L Brands, Inc., has announced that following its previously disclosed comprehensive review process, it has signed a definitive agreement to transfer ownership and operating control of La Senza – inclusive of the home office organization, North American stores and e-commerce and international partnerships – to an affiliate of Regent LP, a global private equity firm.

The company said in a statement that it will sell 100 percent of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities and to provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. The company expects to complete the transaction and transfer ownership in January.

L Brands, which bought the Canadian chain La Senza for about 700 million dollars in early 2007, estimates that La Senza’s 2018 revenues and operating loss will be approximately 250 million dollars and 40 million dollars or approximately 12 cents per share, respectively.

Picture:Facebook/La Senza